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Read MoreStir 4 cups milk, white sugar, and rice together in a slow cooker until the sugar dissolves; add margarine. Cook on High for 2 1/2 hours. Beat egg, 2 tablespoons milk, vanilla extract, almond extract, and salt together in a bowl.
Combine water and rice over high heat in a saucepan and bring to a boil. Reduce heat to medium-low, cover, and simmer until tender, about 45 minutes. Combine cooked rice, 1 1/2 cups milk, sugar, and salt in a clean saucepan. Cook over medium heat until thick and creamy, 15 to 20 minutes.
Uncover the pot and cook over low heat to evaporate the water. Or gently turn the rice out onto a baking sheet and dry it in a low oven.
You do not have to soak pudding rice before use. Combine it with milk, eggs and nutmeg to make English rice pudding. Outside the UK, different varieties of rice (including long-grained basmati) are used, and the pudding is often flavoured with cardamom, cinnamon, saffron, rosewater, pistachios, almonds or fruit.